Tag: Issues in GST

Issues in GST: Inconsistencies in the provision of Tax Deducted at Source: Part -13

This updates discusses about the inconsistencies in the provision contained in section 46 of the revised Draft GST Law regarding Tax Deducted at Source. CBEC has released revised Draft GST Law on 26th November 2016. The law is slated to be presented before Loksabha in the coming days. It’s not the final blueprint and is bound to change on the basis of suggestions received from ...

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Issues in GST: Interest on refund to genuine supplier or recipient: Part -12

This updates discusses the proviso to section 37(9) and 38(9) about interest payable on refund to supplier or recipient on account of reduction in output tax liability or reclaim of Input Tax Credit respectively. Proviso to Section 37(9) provides that Interest on refund credited to the recipient shall not exceed the amount of Interest paid by the supplier. Proviso to Section 38(9) provides that Interest ...

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Issues in GST: Inconsistency in Provisions for rectification of error in Monthly Return-Part 9

In today’s update, we would be discussing about inconsistency in the provision for rectification of the monthly return for the outward supplies and inward supplies i.e. GSTR-1 and GSTR-2 read with the relevant provision rectification of the consolidated monthly return in GSTR-3. CBEC has released revised Draft GST Law on 26th November 2016. The law is slated to be presented before Loksabha in the coming ...

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Issues in GST: Treatment of balance ITC wherein Person opts for Composition Scheme or Goods and/or Services are exempted from Tax-Part 8

CBEC has released revised Draft GST Law on 26th November 2016. The law is slated to be presented before Loksabha in the coming days. It’s not the final blueprint and is bound to change on the basis of suggestions received from various quarters. In this series of updates, we would be putting forth various issues in the Revised Draft GST Law which needs consideration. The ...

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Issues in GST-Credit of CGST paid in one State against CGST payable in another State: Part -7

In today’s update, we would be discussing about one of another key issue which needs discussion at every platform i.e. whether CGST paid in one state should be allowable as credit against CGST payable in another State. The present position as its stands today, does not allows any such set off but then the larger question is whether Centre is then not indulging in Unjust ...

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Issues in GST-Specific Place of Supply Rules may not allow seamless flow of ITC: Part-6

In Today’s update, we would discuss the situation wherein place of supply has to be determined with the use of specific rules for place of supply. There are certain rules for place of supply as provided in Section 9 of the IGST Act, say for e.g. place of supply rules in case of immovable property, performance of specific services etc. which would create hindrance in ...

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